Posted on 04/09/2013 7:10:31 AM PDT by illiac
WASHINGTON (MarketWatch) -- Payments to 4.2 million borrowers whose homes were in any stage of foreclosure in 2009 or 2010 will begin Friday, the Federal Reserve and the Office of the Comptroller of the Currency said Tuesday. The payments, which will range from $300 to $125,000, will be sent in several waves and are expected to be completed by mid-July. The regulators had previously announced the payments, which replaced a program that had consultants review foreclosures for errors.
(Excerpt) Read more at marketwatch.com ...
Its raining money again
Obamortgage
This is unbelievable. Those of us who pay our bills and do the right thing are paying for those who don’t. People got into houses by lying about income with stated loans, low or virtually no down payments, 2nd TD’s, and no ability to make the payment. What did they think was eventually going to happen?
Happy days are here again!
I pay my mortgage(s). I’m obviously a dumbass....
Exactly. I’ve even seen newly wed couples with 120% mortgages (believe it or not)...who have divorced...now one of them is stuck with the house....no money to pay.
I have also seen a number of people who have falsified their financials...
Its raining money again
**********
Forecast calls for a 90% chance of continued heavy rains over much of the country for at least the next year.
Its no wonder that Australia and China just agreed to bypass the dollar.
Maybe they’ll throw in a free phone along with the bailout...
I pay my mortgage(s). I’m obviously a dumbass....
*********
Well lets just say the American Way is to let others pay.
Dammit, my house is paid for.
If I take out a 2nd mortgage on it, never make a payment, and wait for foreclosure, can I get free money from the US Printing Press too?
May even be cheaper by the dozen....buy more!
There are no wise people in government.
Only the foolish and evil walk the halls of power.
Eligible borrowers, including homeowners in the foreclosure process during 2009 or 2010, will not be required to prove wrongdoing with their mortgage or take any further action, Barbara Hagenbaugh, a spokeswoman for the Federal Reserve, said Tuesday. Eligible homeowners will receive payment even if they did not previously apply for a foreclosure review.
cached page here
From the article:
“The distributions will be overseen by a yet-to-be-determined third-party firm that will be appointed jointly by the 10 banks – including JPMorgan Chase & Co. and Wells Fargo & Co. – and overseen by regulators. The payment administrator is expected to contact homeowners by the end of March with payment details.”
Bet this “third party” will profit handsomely...this gives me the warm fuzzies...
The payments will probably be tax-free as well....
I just watched Atlas Shrugged Part 2 over the weekend. The looters in DC must have read the novel and decided to follow it to the letter.
What could possibly go wrong? /s
If it’s not tax free expect to hear even more howls from the “special class” (people who do not pay their mortgages have becomethe new victim group).
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